JPMorgan CEO Jamie Dimon Blasts Coinbase: Banks Won’t Accept Stablecoin Bill Without Equal Regulation
JPMorgan Chase CEO Jamie Dimon mentioned US banks “won’t settle for” the present draft of the CLARITY Act. He vowed the trade will struggle the invoice, escalating a public conflict with Coinbase.
At the Reagan National Economic Forum on Friday, Dimon attacked a CLARITY Act provision. The clause lets crypto companies pay interest-like rewards on stablecoin balances with out bank-style shopper protections.
Banks ‘Will Fight’ the CLARITY Act
Dimon framed the dispute as a equity subject. He argued any agency taking deposits ought to face the identical capital, liquidity, and reporting necessities as regulated lenders.
“If he takes deposits like a financial institution, ought to have financial institution guidelines … If you wish to be a financial institution, be a financial institution,” Dimon stated in an interview with Fox Business.
The CEO mentioned the American Bankers Association, smaller banks, and credit score unions all oppose the present textual content.
“It can be fought. Don’t bow right down to this man or firm.”
His feedback come weeks after Coinbase pulled support for the Senate version. The change cited modifications to stablecoin yield provisions.
Stablecoin Risk and Compliance
Dimon argued stablecoin issuers ought to face the identical anti-money laundering, Bank Secrecy Act, and Know Your Customer obligations as JPMorgan.
He warned that funds moved overseas with out these controls may disappear into nameless wallets.
“Goes to 3rd pockets, fourth pockets, perhaps intercourse trafficker.”
He distanced JPMorgan from the product even because the financial institution develops its own JPM Deposit Coin.
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“I’m not that frightened about stablecoin. I might don’t have anything to do with it. Would blow up by itself.”
The invoice is heading for markup in Congress. The dispute now pits Wall Street’s largest bank towards the biggest US crypto change. Dimon mentioned his ask is easy.
“Just saying, ought to be truthful, equal. Period.”
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